Summary: California Statewide Communities Development Authority California Health Facilities Finance Authority Cottage Health System; Hospital Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating to the California Statewide Communities Development Authority and California Health Facilities Finance Authority's $284.18 million series 2010A fixed-rate bonds issued for Cottage Health System (CHS). Bond proceeds will be used to refund CHS' outstanding 2008A-2008E series debt. In addition, CHS may also choose to unwind a portion of their swaps in conjunction with this debt issuance, which would increase the par amount slightly. After this debt issuance, CHS will have approximately $337 million in long-term debt, all of which will be fixed rate. All three of the CHS facilities are members of the obligated group. The bonds are secured by CHS' general revenues..Total operating revenue in fiscal 2009 was $525.3...

Companies mentioned in this report are:
- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

Action: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Cottage Hlth Sys
- California Hlth Facs Fincg Auth
- California Statewide Communities Dev Auth

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